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CFTC Approves First U.S. Bitcoin Perpetual Futures on Regulated Exchange

CFTC Approves First U.S. Bitcoin Perpetual Futures on Regulated Exchange

According to the CFTC and company statements, Americans now have regulated access to Bitcoin perpetual futures as U.S. approval momentum, supervised market access, and 24/7 crypto derivatives trading continue to expand.

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Fact Check

CFTC Release 9239-26 confirms the joint staff advisory on 24/7 trading covering crypto and traditional asset classes, noting nuances between them. CFTC Release 9240-26 confirms approval of Kalshi's BTCPERP, the first U.S.-regulated bitcoin perpetual. CoinDesk and Odaily (citing CFTC Release 9241-26) confirm a no-action letter/statement for Coinbase Financial Markets enabling crypto perpetuals via Deribit treated as foreign futures under Reg 30.1. Together these primary government sources directly substantiate the claim's framing.

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Summary

Americans now have regulated access to Bitcoin perpetual futures, a product long associated with offshore venues, as the U.S. market for supervised crypto derivatives expands. The CFTC issued 24/7 trading guidance, Kalshi won approval to list its BTCPERP contract, Coinbase said it is the first CFTC-regulated futures commission merchant providing U.S. access to crypto derivatives markets, and CME shifted Bitcoin futures and options to 24/7 trading. A separate market roundup also said Bitcoin perpetual futures received a U.S. green light but referred to an unresolved condition without identifying the authority or the condition. That same roundup separately raised scrutiny around Strategy after a reported Bitcoin transfer to Coinbase, but it provided no transaction figures, sale confirmation, or further detail.

Terms & Concepts
  • Bitcoin perpetual futures: A derivatives contract tied to Bitcoin that does not have a fixed expiration date, allowing traders to maintain exposure continuously without directly owning the asset.
  • crypto derivatives: Financial contracts tied to cryptocurrency prices, such as futures, options, and perpetuals, used for trading, hedging, or gaining exposure without holding the asset directly.
  • CFTC-regulated: Operating under oversight by the U.S. Commodity Futures Trading Commission, the main federal regulator for U.S. derivatives markets.